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HomeCrypto NewsMarketFinance Minister of India, Nirmala Sitharaman Says, “No”, when Question is asked on Bitcoin Recognition Proposal

Finance Minister of India, Nirmala Sitharaman Says, “No”, when Question is asked on Bitcoin Recognition Proposal

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In a reply to a question asked on Bitcoin in the Parliament on Monday, Finance Minister Nirmala Sitharaman said that central government does not collect any data on bitcoin transactions. It also said that there is no proposal to recognize bitcoin as a currency in the country.

Whether the government has any proposal to recognize Bitcoin as a currency in the country, the Finance Minister said “No, sir”.

The response was given the form of a written reply in the Lok Sabha on a question on cryptocurrency. A legislation seeking regulation of cryptocurrency will be discussed in the winter session of Parliament, which began on Monday.

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This comes as the government plans to introduce the Cryptocurrency and Regulation of Official Digital Currency Bill 2021 in the ongoing Winter Session of Parliament. The Bill seeks to ban all but a few private cryptocurrencies to promote underlying technologies while allowing an official digital currency by RBI.

The government plans to allow only certain cryptocurrencies to promote the underlying technology and its uses, according to a legislative agenda for the Winter Session.

It should be noted that Bitcoin was introduced in 2008 by an unidentified group of programmers. The digital currency is not tied to a bank or government and allows users to spend money anonymously. The coins are created by users who “mine” them by lending computing power to verify other users’ transactions. They receive Bitcoins in exchange.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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